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PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:

1. Which of the following decisions need to be made as part of laying down a system for calculating VaR:
I. How returns are calculated, eg absoluted returns, log returns or relative/percentage returns II. Whether VaR is calculated based on historical simulation, Monte Carlo, or is computed parametrically III. Whether binary/digital options are included in the portfolio positions IV. How volatility is estimated

A) I, II and IV
B) II and IV
C) I and III
D) All of the above

2. In estimating credit exposure for a line of credit, it is usual to consider:

A) only the value of credit exposure currently existing against the credit line as the exposure at default.
B) a fixed fraction of the line of credit to be the exposure at default even though the currently drawn amount is quite different from such a fraction.
C) the full value of the credit line to be the exposure at default as the borrower has an informational advantage that will lead them to borrow fully against the credit line at the time of default.
D) the present value of the line of credit at the agreed rate of lending.

3. An assumption regarding the absence of ratings momentum is referred to as:

A) Time invariance
B) Markov property
C) Ratings stability
D) Herstatt risk

4. Which of the following statements are true with respect to stress testing:
I. Stress testing results in a dollar estimate of losses
II. The results of stress testing can replace VaR as a measure of risk as they are better grounded in reality III. Stress testing provides an estimate of losses at a desired level of confidence IV. Stress testing based on factor shocks can allow modeling extreme events that have not occurred in the past

A) I and IV
B) I, II and IV
C) II, III and IV
D) II and III

5. Which of the following is the most accurate description of EPE (Expected Positive Exposure):

A) The average of the distribution of positive exposures at a specified future date
B) Weighted average of the future positive expected exposure across a time horizon.
C) The maximum average credit exposure over a period of time
D) The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date

Solutions: